Cleveland, OH – May 29, 2019 – Paul McEwan, principal and director of retirement plan services at Rea & Associates, recently weighed in on current retirement plan legislation. According to Rea & Associates, McEwan posted his helpful observations to the company’s blog and newsletter. The company stated that the newsletter, entitled “Rapid and Relevant,” is meant to help retirement plan advisors gain a better understanding of current retirement plan issues.
McEwan explains that there is currently legislation in both the United States House of Representatives and the Senate that seek to expand the number of employees covered under employer retirement plans. McEwan went on to state that the best opportunity for employees to save money for retirement is to defer contributions to an employee-sponsored retirement plan directly from their paycheck. According to McEwan, this thwarts the temptation to spend money that should be earmarked for retirement savings. The personal finance professionals at Rea & Associates can explain more and recommend solutions according to individual situations.
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McEwan went on to provide further details about recent retirement plan legislation. According to McEwan, the SECURE (Setting Every Community Up for Retirement Enhancement) Act was recently passed by the House Ways and Means Committee and should make its way to the House floor soon. McEwan stated that the SECURE Act has bipartisan support and aims to enhance the available tax breaks for retirement savers, thus encouraging more Americans to participate in retirement plans. McEwan further clarified that this bill does not contain any provisions regarding open multiple-employer plans (MEPs). With bi-partisan support, the SECURE Act will likely pass the House.
McEwan also announced that the Senate Finance Committee recently introduced its Retirement Enhancement and Savings Act (RESA), though no committee action is scheduled yet. According to McEwan, RESA will reduce government reporting and auditing requirements for open MEPs. This will allow unrelated employers to band together to share the cost of a single platform, thus reducing the costs of offering retirement plans to small business employees.
Rea & Associates is an accounting and business consulting firm with offices throughout Ohio. The company strives to help individuals and businesses improve their financial situation. Rea & Associates has been serving Ohioans for over 80 years. Reviews can be seen at https://goo.gl/maps/V8uMpkdga2973jFBA.
Company Name: Rea & Associates Cleveland
Contact Person: Becca Davis
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Address:6300 Rockside Rd.
Country: United States